Greystar Breaks Ground on 302-Unit Multifamily Development in Stuart, FL
Greystar, the largest operator of apartments in the United States, announced March 26 the closing and imminent groundbreaking of The Sanderling, a 302-unit multifamily development in Stuart, Florida. The firm cited the submarket's limited new multifamily supply, population growth, and employment growth as factors in the site selection.
Project Overview: The Sanderling
The Sanderling will be situated along South Kanner Highway on a 21.4-acre site less than a mile from the Interstate 95 interchange, offering convenient access to both West Palm Beach and Port St. Lucie. The location places residents within a 10-minute drive of historic downtown Stuart and a 20-minute drive of the PGA Golf Club.
The residential component will consist of three three-story buildings offering a mix of one-, two-, and three-bedroom apartments, along with an attached single-story clubhouse. Amenity offerings include coworking space, a fitness center, an indoor sauna, a golf simulator, pickleball courts, dog parks, cornhole, outdoor kitchens, recreational areas, and a swimming pool.
The Sanderling is part of a master-planned development that includes approximately five acres of retail uses. Retail tenants associated with the broader development include Starbucks, Heartland Dental, Del Taco, Jersey Mike's, and The Great Greek Mediterranean Grill.
Strategic Rationale and Market Context
"The Sanderling reflects Greystar's continued focus on delivering thoughtfully designed communities in well-located markets," said Lewis Stoneburner, Senior Managing Director for Greystar Development. "Stuart is known for its coastal South Florida lifestyle, quality of life, and charm. Stuart also benefits from robust growth in unique employment drivers, population growth, limited new multifamily supply, and a discount to Palm Beach County."
Development Timeline and Construction
Construction on The Sanderling is scheduled to begin in the first quarter of 2026, with full project completion targeted for the fourth quarter of 2027. No financial terms, including sale price, loan amount, price per unit, or cap rate, were disclosed in connection with the transaction closing.
Greystar manages more than one million units globally across more than 260 markets and oversees approximately $79 billion in assets under management, including roughly $36 billion in development assets.
About Greystar
Greystar is a fully integrated global real estate platform headquartered in Charleston, South Carolina, offering expertise in property management, investment management, development, and construction services. The firm was founded by Bob Faith in 1993 and manages more than $300 billion of real estate across more than 260 markets globally, with offices in North America, Europe, South America, and the Asia-Pacific region.